SEOUL, Nov. 22 (Korea Bizwire) — The deepening economic slowdown is attributed to the shrinking consumption of the “MZ generation,” a Korean term referring to those aged between late 10s and 30s, on hobby and leisure activities following the 2008-09 global financial crisis, a central bank report said Monday. The Bank of Korea said in [...]
SEOUL, Sept. 10 (Korea Bizwire) — South Koreans’ consumption of flowers and ornamental plants rose 6.1 percent on-year last year on rising demand amid the prolonged COVID-19 pandemic and restrictions in outdoor activities, data showed Saturday. An average South Korean spent 12,386 won (US$8.90) on buying flowers and other plants in 2021, compared with 11,676 [...]
SEOUL, Aug. 30 (Korea Bizwire) — South Korea’s expenditure on processed food consumption grew approximately 18 percent during the course of the COVID-19 pandemic, a public institution survey analysis showed Tuesday. According to the state-run Rural Development Administration (RDA), the country’s estimated spending on processed foods totaled 47.1 trillion won last year, up 18.4 percent [...]
SEOUL, July 20 (Korea Bizwire) — Despite soaring consumer prices, exchange rates and interest rates, the polarization of consumption is becoming more severe than ever. Even Koreans in their 20s and 30s are choosing to stay at home rather than go on a holiday this summer. A 30-year-old office worker surnamed Jeong wanted to go [...]
SEOUL, July 6 (Korea Bizwire) — More than 8 in 10 South Korean consumers have the experience of ‘value consumption’ in which consumers choose products and services based on their values and faith, a survey showed Tuesday. Lotte Members, the membership service for Lotte Group companies, conducted a survey of 1,500 men and women in [...]
SEOUL, May 25 (Korea Bizwire) — South Korea’s consumption of gasoline and diesel sank more than 18 percent in April from a year earlier due to high international crude prices, data showed Wednesday. Asia’s fourth-largest economy consumed a combined 17.4 million barrels of gas and diesel last month, down 18.3 percent from a year earlier, [...]
SEOUL, May 17 (Korea Bizwire) — Due to the aftereffect of the COVID-19 pandemic, South Koreans are increasingly showing preference toward spending time alone not only at home but also in their cars, a major credit card company said Monday. According to Shinhan Card Co.’s analysis of its card users, the use of driving schools [...]
SEOUL, April 27 (Korea Bizwire) — Despite hopes for the return of a pre-pandemic lifestyle as social distancing measures are being lifted, the consumption patterns for streaming platforms and the internet are not expected to change significantly, a survey showed Tuesday. Advertising agency Nas Media Corp. conducted a survey of 2,000 PC and mobile internet [...]
SEOUL, April 27 (Korea Bizwire) — The rising ‘revenge spending’ trend spawning from demand for consumption during the pandemic has prompted a growing number of Koreans to spend more than 1 million won (US$789) on a single transaction this year. Major credit card issuer Samsung Card Co. reported that the number of transactions involving payments [...]
SEOUL, April 5 (Korea Bizwire) — Jet fuel consumption in South Korea tumbled to a 17-year low in 2021 in the wake of the coronavirus pandemic, data showed Tuesday. Jet fuel consumption in Asia’s fourth-largest economy came to 21.17 million barrels last year, down 2.6 percent from a year earlier, according to the data from [...]